Cary Street Partners Financial LLC Makes New Investment in Elanco Animal Health Incorporated (NYSE:ELAN)

Key Points

• Cary Street Partners Financial LLC has acquired a new position in Elanco Animal Health, purchasing 45,235 shares valued at approximately $475,000.
• Several institutional investors have increased their stakes in Elanco Animal Health, contributing to 97.48% of the stock being owned by institutional investors and hedge funds.
• Analysts have generally rated Elanco Animal Health positively, with firms like Leerink Partners upgrading the stock to a "strong-buy" and setting price targets as high as $19.00.

Cary Street Partners Financial LLC bought a new position in shares of Elanco Animal Health Incorporated (NYSE:ELAN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 45,235 shares of the company's stock, valued at approximately $475,000.

A number of other hedge funds also recently modified their holdings of ELAN. LPL Financial LLC boosted its holdings in shares of Elanco Animal Health by 15.9% during the fourth quarter. LPL Financial LLC now owns 161,183 shares of the company's stock worth $1,952,000 after purchasing an additional 22,163 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Elanco Animal Health during the 4th quarter valued at $134,000. Envestnet Asset Management Inc. grew its position in shares of Elanco Animal Health by 53.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 211,904 shares of the company's stock valued at $2,566,000 after acquiring an additional 73,838 shares during the period. Bank of Montreal Can boosted its holdings in Elanco Animal Health by 6.1% in the 4th quarter. Bank of Montreal Can now owns 441,726 shares of the company's stock worth $5,349,000 after buying an additional 25,390 shares during the period. Finally, Invesco Ltd. lifted its stake in Elanco Animal Health by 10.6% in the 4th quarter. Invesco Ltd. now owns 536,391 shares of the company's stock worth $6,496,000 after purchasing an additional 51,233 shares in the last quarter. Institutional investors own 97.48% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. William Blair upgraded shares of Elanco Animal Health from a "market perform" rating to an "outperform" rating in a research report on Thursday, June 26th. Leerink Partners raised Elanco Animal Health from a "market perform" rating to an "outperform" rating and set a $18.00 price objective for the company in a research report on Thursday, July 17th. UBS Group lifted their price objective on shares of Elanco Animal Health from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday. Wall Street Zen raised Elanco Animal Health from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Stifel Nicolaus upped their price objective on shares of Elanco Animal Health from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Elanco Animal Health presently has an average rating of "Moderate Buy" and a consensus target price of $17.33.

Elanco Animal Health Stock Performance

ELAN traded up $0.32 on Tuesday, hitting $17.42. 5,883,771 shares of the company's stock were exchanged, compared to its average volume of 5,449,335. The firm has a market cap of $8.65 billion, a PE ratio of 20.26, a P/E/G ratio of 3.12 and a beta of 1.66. Elanco Animal Health Incorporated has a twelve month low of $8.02 and a twelve month high of $17.48. The stock has a fifty day moving average of $14.39 and a two-hundred day moving average of $12.12. The company has a current ratio of 2.60, a quick ratio of 1.40 and a debt-to-equity ratio of 0.61.

Elanco Animal Health (NYSE:ELAN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.19 billion. Elanco Animal Health had a return on equity of 7.04% and a net margin of 9.68%. Elanco Animal Health's quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 earnings per share. On average, research analysts anticipate that Elanco Animal Health Incorporated will post 0.91 earnings per share for the current fiscal year.

Elanco Animal Health Company Profile

Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for pets and farm animals. It offers pet health disease prevention products, such as parasiticide and vaccine products that protect pets from worms, fleas, and ticks under the Seresto, Advantage, Advantix, and Advocate brands; pet health therapeutics for pain, osteoarthritis, ear infections, cardiovascular, and dermatology indications in canines and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides, and other products for use in poultry and aquaculture production, as well as nutritional health products, including enzymes, probiotics, and prebiotics; and a range of vaccines, antibiotics, implants, parasiticides, and other products used in ruminant and swine production under the Rumensin and Baytril brands.